LONDON, July 06, 2022 (GLOBE NEWSWIRE) -- According to The Business Research Company’s research report on the mine detection system market, increasing investments from the defense sector is gaining traction in the mine detection system market trends. Armies and navies are investing heavily in developing advanced mine detection systems with improved detection depth and rate. For instance, in October 2021, Hanwha Systems, a South Korea-based defense electronics manufacturing company, was awarded a 58 billion won ($48.9 million) contract from the Defense Acquisition Program Administration (DAPA) to develop hand-held mine detectors for the South Korean military, which are capable of locating both metal and non-metallic land mines. Similarly, in September 2021, the U.S. Navy awarded a $9.5 million contract to a US-based automation machinery manufacturing company, RE2 Robotics Inc., to develop autonomous systems to detect underwater mines and explosive devices.
The global mine detection system market share is expected to grow from $4.66 billion in 2021 to $4.95 billion in 2022 at a compound annual growth rate (CAGR) of 6.20%. The global mine detection system market size is expected to grow to $6.32 billion in 2026 at a CAGR of 6.33%.
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The increase in border disputes and security threats will drive the growth of the mine detection system market in the forecast period. With the increase in border disputes and security threats, there has been an increased usage of mine detection systems for rapid area clearance and detecting both improvised explosive devices and traditional anti-tank mines. For example, the Sino-Indian border dispute is an on-going territorial dispute over the sovereignty of two relatively large and several smaller pieces of territory between China and India. Similarly, India faces military and non-military threats from all countries that share its land borders. Land borders with Pakistan and Bangladesh have witnessed rapid security-affecting changes. Borders with Myanmar and Nepal are also causing serious concern. Pakistan and India have fought four wars over the issue of Jammu and Kashmir (J & K). Border disputes and security threats will drive demand for mine detection systems during the forecast period.
Major players in the mine detection system market are Northrop Grumman Corporation, Israel Aerospace Industries Ltd., Raytheon Technologies Corporation, BAE Systems, L3Harris Technologies, DCD Group Ltd., Lockheed Martin Corporation, Thales Group, Elbit Systems Ltd., General Dynamics Corporation, Schiebel Gmbh, and Chemring Group Plc.
The global mine detection system market is segmented by deployment into vehicle mounted, ship mounted, airborne mounted, handheld; by application into defence, homeland security; by technology into radar-based, laser-based, sonar-based; by detection capability into above surface, underground.
North America was the largest region in the mine detection system market in 2021. The regions covered in the global mine detection system industry report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Mine Detection System Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide mine detection system market overviews, mine detection system market analyze and forecast market size and growth for the whole market, mine detection system market segments and geographies, mine detection system market trends, mine detection system market drivers, mine detection system market restraints, mine detection system market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
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